Opal Energy Corp. announced several key changes in its management team designed to accelerate Opal's emergence as a premier developer of giant Texas onshore natural gas resources.
With the expansion of capabilities comes the need to formalize the organizational structure and provide for increased availability of Mr. Ron E. Oligney. In order to accomplish this purpose, Mr. Oligney assumes the position of Chairman of the Board of the Company effective January 1, 2008. Further, as a result of the assignments described below, Mr. Oligney will be meeting in January 2008 with shareholders in North America and several European countries where the Company has significant shareholder support, and he will be available for other similar events.
The Company also announced that Tommy Bolin, Chief Operating Officer of wholly owned subsidiary, Opal Energy, Inc. ("OEI"), has been promoted effective January 1, 2008 to the position of Chief Executive Officer of the Company, bringing his extensive experience in building an exploration and production success story.
The main hub of Opal operations is in the newly expanded office headquarters in Katy, Texas in which the primary focus of the Company's operations is coordinated. This expansion in Katy will allow the management to access energy industry participants in the Houston world energy arena.
Commenting on the new appointments, Opal Chairman Ron Oligney said, "I am personally very pleased with the changes occurring at Opal, and it should demonstrate that our plan is working quite well. We are pleased with progress of the Texas Giants exploration strategy and our objective to build a team of highly technical professionals who will carry-forward and accelerate the objectives of the company. We are making these changes, particularly with the appointment of Tommy Bolin as our CEO, to allow our investors greater access to their Chairman and to organize our excellent team for efficient execution of the exploration strategy."
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